Playtech Secures New Jersey Sports Betting Market Approval

Playtech Secures New Jersey Sports Betting Market Approval

Gambling software company Playtech has gained entry to the lucrative New Jersey sports betting market and plans to launch this year.

The New Jersey Division of Gaming granted approval for Playtech to enter the market, the company announced Monday. It will start under a transactional waiver with bet365 and Hard Rock Atlantic City.

RELATED: More on New Jersey sports betting and online gaming

State of New Jersey Market

Playtech will also launch its online casino products in the state. As for sports betting, the company will enter a New Jersey market which, until the coronavirus shut down major sports leagues and physical casinos, was booming at a remarkable rate in the two years since the Supreme Court struck down the Professional and Amateur Sports Protection Act.

In April, even with the brick-and-mortar casino market at a standstill and with live sporting events limited to curiosities such as soccer from Belarus and East European table tennis, New Jersey still reported $54.6 million in sports betting handle. That’s a drop of 82.6% in year-over-year numbers compared to April 2019. But the fact that there was any market at all under such circumstances speaks to the public’s appetite for sports betting — and the fact that a robust mobile sports betting market is critical for states that want to produce at least some revenue even in the worst of times.

Also, online poker and iGaming are on the rise in New Jersey. The state’s internet gaming win in April 2020 was nearly $80 million, up 118.6% from year-to-year against April 2019 and an increase of more than $15 million from the March 2020 figure of $64.8 million. And New Jersey’s top online poker sites saw peer-to-peer numbers rise from $3,629,112 in March to $5,148,373 in April, a 29.5% surge from month-to-month.

What Playtech Offers

Playtech is notable for its online casino offerings — it has produced dozens of titles familiar to players on the best New Jersey slot sites — but this is its first online sports betting product in New Jersey.

Playtech and bet365 have partnerships in gaming markets around the world. For instance, in 2016, bet365 was the first online gambling operator to offer a new Playtech mobile casino app.

And Playtech online slot games have found a niche for users in the United States as well as internationally, including the popular Kingdoms Rise series.

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